Abcourt Mines Inc.

Abcourt Mines Inc.

September 05, 2013 17:28 ET

Abcourt Announces the Last Closing of a Non-Brokered Private Placement

MONT-ST-HILAIRE, QUÉBEC--(Marketwired - Sept. 5, 2013) -


Mr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. (TSX VENTURE:ABI)(BERLIN:AML)(FRANKFURT:AML) (the "Company") announced today that the Company closed a second and last tranche of a non-brokered private placement of up to $700,000 in units (the "Units") and up to $500,000 in flow-through shares, on the following terms.

Each Unit offered at a price of $0.07 each is comprised of one Class B share (a "common share") of the Company and of one half (1/2) common share purchase warrant and each common share offered on a flow-through basis (a "Flow-Through Share") was offered at a price of $0.085 each. Each full warrant comprised in a Unit will entitle the holder thereof to purchase one common share of the Company over a period of 12 months from the date of closing at a price of $0.10.

At the first closing announced by press release dated August 22, 2013, the Company issued 7,190,000 Units (and not 719 Units as indicated by mistake in that press release) for an amount of $503,300 and 2,916,647 Flow-Through Shares for an amount of $247,915. At this second closing, the Company issued 230,000 Units for an amount of $16,100 and 376,000 Flow-Through Shares for an amount of $31,960. In aggregate, the Company issued 7,420,000 common shares and 3,710,000 warrants allowing the purchase of 3,710,00 common shares and 3,292,647 Flow-Through Shares pursuant to that private placement, representing a total subscription amount of $799,275.

The proceeds from the Flow-Through Shares will be used by the Company primarily to further advance the Elder Gold Mine project in the Abitibi region in the Province of Québec and the proceeds from the Units will be allocated to working capital.

The private placement is subject to customary conditions and the final approval of the TSX Venture Exchange. The securities issued and sold will be subject to a four month hold period under applicable securities legislation.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of the Company and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

About Abcourt Mines Inc.

Abcourt Mines Inc. is an exploration and development company with strategically located properties in northwestern Quebec, Canada. The Elder Mine with 43-101 gold resources, the Abcourt-Barvue Project with 43-101 silver-zinc ore reserves and resources and the Aldermac property with historical copper-zinc resources are all former producers. Abcourt is now focused on bringing the Elder and Abcourt-Barvue projects back into production with Elder as the first priority. At the same time the company is working on other projects (Aldermac, Vezza, Jonpol and Vendome) to increase its mineral resources inventory. A 43-101 resource calculation was completed in July, 2012, for the Elder Mine. A positive PEA report was prepared on Elder mine in the Fall of 2012 by Roche Limited, Consulting Group. A positive 43-101 feasibility study was completed by GENIVAR in 2007 on the Abcourt-Barvue Project. In addition, mill equipment was purchased. To know more about Abcourt, please visit our web site at and SEDAR.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Renaud Hinse
    President and CEO
    819 768-2857 / 450 446-5511
    819 768-5475 / 450 446-3550 (FAX)